HONOLULU (KHON2) — According to resales figures released provided by the Honolulu Board of Realtors®, condo sales jumped 134% in June compared to the same time last year. The median price was also up 9%, standing at an impressive $460,000.
But condo sales aren’t the only thing on the rise. Single-family homes rose 49.3% from what they were last year, when real estate activity first began to pick back up. The median sales price of a single-family home edged past June’s record to reach $979,000.
“We are in a vastly different market now compared to this time last year when activity was slowly starting to ramp up versus now where properties are moving into escrow in record time,” said Shannon Heaven, President of the Honolulu Board of REALTORS®. “In particular, the condo market surged in 2021 because some buyers decided not to pursue a single-family home due to the severe lack of inventory and competitive bidding wars.”
As of July, the trend of properties selling over the asking price persists, with 57.7% of single-family homes and 32.9% of condos closing above the original asking price. The board says over-asking price sales confirm bidding wars are occurring predominantly in mid-range price points for single-family home properties.
“The steep competition and prevalence of bidding wars illustrate the extreme lack of inventory we are facing on Oahu,” added Heaven. “We are in desperate need of more properties to house our local families, especially in the affordable to mid-range price points.”